zee entertainment enterprises limited annual report 2013-14
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ZEE ENTERTAINMENT
ENTERPRISES LIMITED
2013-14ANNUAL REPORT
CIN No: L92132MH1982PLC028767
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00
ONE BRAND ZEE
8 22
DIFFERENT PERSPECTIVES. ONE WORLD. MESSAGE FROMTHE CHAIRMAN
ZEE was established with the commitment
to deliver people a better choice of quality
entertainment.
ZEE is a young company at heart that
promotes refreshing ideas for India and
the world.
39
AWARDS &ACCOLADES
Punit Goenka, MD & CEO,ZEEL bags the
prestigious Media Person of the Year award
at the IAA Leadership Awards.
Today, ZEE is widely acclaimed in the
domestic and global media and entertainment
industry. The brand aids value creation in
diverse ways.
In a world of disappearing geographic
boundaries, people inevitably come
close to each other. People of differentnationalities comprise of what we call
at ZEE, One World.
WHATS
INSIDE
10
ZEE ENTERTAINMENT
ENTERPRISES LIMITED
2013-14ANNUAL REPORT
CIN No: L92132MH1982PLC028767
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The vision of One Worldhas alway
held timeless allure for humanity,transcending barriers of geographielanguages, cultures and faith.
Technology is nowturning this vision intoreality. It is breachingage-old hurdles andwidening the world ofhuman aspirationsand entertainment.
At Zee EntertainmentEnterprises Limited(ZEE), we areproud to be a partof this movement forglobal solidarity.
We believeentertainment is a
great unifier, and ourinnovative content hastouched millions ofpeople globally.
Our creativity,technology edoperational exhave elevatedbenchmarks tnew height.
However, we to travel furthe
closer and winmore hearts.
We aim to bea leading globpowerhouse byear 2020, enand inspiring aviewers.
We are enlargbig picture to the world.
PERFORMANCE SUMMARY
22 Message from the Chairman
24 MD & CEOs Message
26 Aiming Higher
28 One Knowledge Platform
30 Operational Canvas
32 A Wider Angle
34 Board of Directors
36 Senior Management Team
38 New Business Verticals
39 Awards and Accolades
40 Family starts with People
42 Business Responsibility
44 Corporate Information
STATUTORY REPORTS
46 Notice
54 Directors Report
62 Annexure to Directors Report
66 Report on Corporate Governance
86 Management Discussion and Analysis
100 Business Responsibility Report
FINANCIAL STATEMENTS
STANDALONE
110 Certification on Financial Statem
111 Independent Auditors Report
114 Balance Sheet
115 Statement of Profit and Loss
116 Cash Flow Statement
118 Notes
139 Last Five Years Financial Highlig
140 Performance Ratios - An Analys
CONSOLIDATED
141 Independent Auditors Report
142 Balance Sheet
143 Statement of Profit and Loss
144 Cash Flow Statement
146 Notes
167 Financial Highlights of Subsidia
Attendance Slip & Proxy Form
CORPORATE OVERVIEW
2 One ZEE. One Anthem.
4 Different Voices. One World.
6 One Minute to Know ZEE Better
8 Different Perspectives. One World.
10 One Brand ZEE
12 One World
18 Different Emotions. One World.
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2 ZEE ENTERTAINMENT ENTERPRISES LIMITED
ONE ANTHEM.ONE ZEE.
My India nestles beyond the seven seasAcross the earth, across every nook and cornerMy India has forged bonds with hearts worldwideMy India transcends every border.
The world is my family.
ENGLISH
CAN
Indiaku terletak nun jauh melangkatujuh lautan.Merentasi dunia, merentasi setiap sIndia telah memikat hati seluruh duIndiaku melangkaui setiap sempad
Dunia ini adalah keluargaku.
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Annual Report 2013-1
.
, .
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RUSSIAN
gmV gXa nma ~gr hoaoXom H s X{ZYVu H m ha H moZm H moZm oaoXom H s X{Zg~go[aVm ~mY MwH s h oao Xom H s X{gahX grm bmJ MwH s hoaoXom H s X
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4 ZEE ENTERTAINMENT ENTERPRISES LIMITED
DIFFERENT VOICES.ONE WORLD.
SHAH RUKH KHANFilm Actor / Producer
Q.WHAT DO YOU THINK HAS BEENZEES CONTRIBUTION TO THE ENTERTAINMENTINDUSTRY?
A. ZEE is like a Family to me. My association with this Family,
goes way back to the early nineties. To me, ZEE resonatesthe word Entertainment. Be it any genre, ZEE has proven to
be a leader. I personally like its current stance of envisioning
the entire World as One Family. I think it is an extremely noble
and generous approach, which only a Global Media Brand like
ZEE can embrace.
I PERSONALLY LIKE
ZEES CURRENT
STANCE OF
ENVISIONING THE
ENTIRE WORLD AS
ONE FAMILY.
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MR. SAM BALSARA
Chairman and Managing DirectorMadison Communications Private Limited
MR. VIKRAM SAKHUJAGlobal CEO
Maxus Global
Q.What role does ZEE play for an advertisers investment
to grow?
Q.What are your thoughts on the Return on Investment (ROwhich ZEE delivers to the advertisers?
A. ZEE is the creator and father of theIndian Television and Entertainment industrythat reaches today to an audience of over730+ Million all over the world, and is oneof the most vibrant media companies in theworld. Generally, most innovators are notgood at building and enlarging on their initialdiscovery. But, ZEE has done that and today
A. ZEEs ROI to brands comes frombeing the one-stop shop for reaching andconnecting with Indian families. To grow intodays environment brands need platformsthat provide reach, and content that brandsleverage to connect with consumers. As thepioneer of C&S in India, ZEE has always beenthe most dependable provider of reach to
commands a very substantial market sharwith a large bouquet that covers virtuallyevery genre and language. ZEE has alsodemonstrated over the years that while itpursues growth, its a disciplined soldier wit comes to cost control, and thereby delivoutstanding value to advertisers on one haand shareholders on the other.
Indians not only in India, but across the woBut importantly, in an increasingly digitalworld where a programme brand attemptsto reach individual consumers directly, ZEEbrand positioning Vasudhaiva Kutumbakamprovides the environment and enduringproperties that brands seeking families neto connect with consumers.
ZEE IS THE CREATOR
AND FATHER OF THE
INDIAN TELEVISION
AND ENTERTAINMENT
INDUSTRY
ZEE HAS ALWAYS BEEN THE
MOST DEPENDABLE PROVIDER
OF REACH TO INDIANS NOT
ONLY IN INDIA, BUT ACROSS
THE WORLD.
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6 ZEE ENTERTAINMENT ENTERPRISES LIMITED
ZEE has embraced theabove maxim from the IndianUpanishads (the meaning of
Vasudhaiva Kutumbakam),thereby elevating its brandidentity globally. ZEEwas established with thecommitment to deliverpeople a better choice of
TV and quality entertainment.Since inception, ZEE hasendeavoured to providedifferentiated entertainmentto people through multipleplatforms.
THAT IS YOU, THIS IS I, IS THE WAY
OF THE NARROW MINDED.
FOR THOSE OF EVOLVED THOUGHT,
THE WORLD IS ONE FAMILY.
33 FY 201432 FY 2013
NUMBER OF DOMESTIC CHANNELS
435FY 2014383FY 2013
ZEES AVERAGE TVT (IN MILLION)
670+FY 2013730+FY 2014TOTAL VIEWER BASE (IN MILLION)
ONE MINUTETO KNOW ZEE BETTER
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A GLOBAL MEDIA BRAND
ZEE has emerged as a frontrunner in themedia and entertainment industry, not in Inalone, but globally. ZEEs audience reach aviewership share is growing from strengthto strength.
ZEEs evolution as a global media brand isvindicated by its 730+ Million viewers, acro169 countries. The brand respect and recadrive diverse media offerings, comprising asubstantial proportion of earnings ofeach portfolio.
Such has been the success of brand ZEEthat it has been ranked as the number onemedia brand in prestigious rankings like thET 500 and BS 1000 list. The brand has abagged the IMC Fusion Award for Excellenin Media. It has been the achiever of the D& Bradstreet Rolta Corporate Award for twyears successively.
We believe our One World philosophy hastrengthened brand ZEE significantly. Todabrand ZEE inspires trust across a wide crosection of people. It is pushing its boundaforward to realise its vision of being a leadglobal media powerhouse by the year 202
BRAND ZEE HAS
BAGGED THE IMC
FUSION AWARD
FOR EXCELLENCE
IN MEDIA,AND
HAS ALSO BEEN
THE ACHIEVER
OFTHE DUN &
BRADSTREETROLTA
CORPORATE
AWARD FOR
TWO YEARS
SUCCESSIVELY.
Read more on About
Brand ZEE on page 10
Today, brand ZEEinspires trust across awide cross-section of people. It is pushing itsboundariesforward to realise its visionof being a leading global media powerhouseby the year 2020.
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8 ZEE ENTERTAINMENT ENTERPRISES LIMITED
DIFFERENT PERSPECTIVES.ONE WORLD.
AMANDABusiness Development Manager, China
LEYLA ERZANUKAEVAProgramming Head, UK
MARIA LIZA GINTINGCountry Head, Indonesia
MUHAMMAD DACCAKAVP Programming, MENAP
DEVIKAAccount Manager, Indian Ocean Islands & Francophone Africa
AYA MOHAMED,Programming Co-ordinator, MENAP
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CONSUMER FOCUS
Our Companys strategies are driven by the
needs of the consumer. Our success can bemeasured by the satisfaction achieved byour consumer.
EXCELLENCE
We accord a high premium to maintainingsuperlative standards throughout ourCompany. We encourage our employees tocome up with smarter ideas within the fastestpossible time.
CREATIVITY
Key to our value system is innovation and
originality. We recognise and have a highregard for individual expression andcreative freedom in our quest to provideconsumer satisfaction.
INTEGRITY
We observe strict ethical standards through
editorial independence and creativeexpression, in order to earn the trust of ourviewers and subscribers.
GROWTH DRIVEN
We are committed to delivering consistentrevenue and cash flow growth in order toprovide our shareholders a good return. Ourobjective is to grow our people, market andbusinesses around the world.
To become the worlds leading global media company from the emerging markets. As aCorporation, we will be driven by innovation and creativity and would focus on growth, whiledelivering exceptional value to our consumers, our viewers and all our stakeholders.
ONEVISION
ONEMISSION
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10 ZEE ENTERTAINMENT ENTERPRISES LIMITED
A business accustomed to evolving market dynamics,requires understanding and development of superior solutionsfor its consumers.It requires conscious efforts to build aculture to sustain and enhance its leadership position.
Corporate branding is the new-age tool tobuild a culture to adapt to market-drivenbusinesses. ZEEs corporate brand is aconfluence of the Companys vision, cultureand values with its systems and networks.
This builds a unique value proposition forconsumers. The contribution of the CorporateBrand to the Enterprise Value currently standsat 26% as on 31 March, 2014.
A corporate brands influence is typically seenin the context of stakeholder groups, such asemployees, consumers, investors, bankersand even governments. Today, ZEE is widelyacclaimed in the domestic and global media
and entertainment industry. The brand aidsvalue creation in diverse ways.
Incubation
andLaun
ch
Program
ming
Dis
pute
Resolution
Prote
ction
Ad
vertis
erPredictab
ility
I
nvesto
rConfiden
c
e
Intern
ationalExp
ansion
Indus
rty
Inte
rpretation
ofIn
terests
Recru
itmentofTale
nt
Rais
ingCapital
Sales
Distribution
What does corporatebrand value of ZEE meanto the Company?
A corporate brand is the secondlargest asset-class contribution to theEnterprise Value, second only to theoperating intangibles.
This is attributable in large part tothe nature of business and the highbarriers of entry, which requires astrong pedigree.
Not surprisingly, the biggest role of thecorporate brand is in new business/channel incubation and industryrepresentation.
In these segments, nearly half the valueis corporate reputation.
With reputation playing a key role indriving value, it is imperative that the3 drivers of pioneering, prudence andpredictable be invested into further.
ONEBRAND ZEE
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26%The contribution of the CorporateBrand to the Enterprise Value as on31 March, 2014.
BRAND VALUATION FINDINGS
PIONEERING
A LEADER INMORE WAYS THANONE
PREDICTABLE
A TRUSTEDCOMPANY FORHEALTHY FINANCIARETURNS
PRUDENT
A BUSINESS MODELBUILT AROUND THEPRINCIPLES OFSUSTAINABILITY
Read more aboutOur Brand
Pillars from page 12 onwards
333KEY VALUE DRIVERSFOR BRAND ZEE
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12 ZEE ENTERTAINMENT ENTERPRISES LIMITED
PIONEERINGFORESEEING THE BIGPICTURE
How do we strengthen ourethos, The World is my Familyevery single moment?
The answer is an interesting paradox: we are reaching further; atthe same time, we are getting closer, transcending geographic,linguistic and cultural barriers. In addition, we are not restricted toa single platform.
At ZEE, we are not progressing alone. We are also driving theindustry forward. Our pioneering spirit has made entertainmentmore aligned to peoples evolving aspirations globally.
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1ST 1STTo launch Over-The-Top(OTT) platform in India
Indian media andentertainment companyto feature in Fortune500 list of companies
1STTo launch a Bollywoodmovie channel inIndonesia
PIONEERINGINNOVATIVECONTENT
ZEEs evolution is an interesting storyin itself. The journey began with thelaunch of Indias first private satellitetelevision channel way back in 1992,giving birth to an entire televisionindustry in itself. We have alwaysbelieved in the need and relevance tocreate content, which is entertaining.
We have pioneered the launch of homegrown content formats in the Indiantelevision space. Shows like DanceIndia Dance have given our viewersan opportunity to witness such richtalent of the country, and has alsogiven a platform to the talent. Over the
years, we have built on our strengthsof drama, movies, news, sportsand reality shows, offering valuableentertainment programming to ourviewers.
PIONEERINGENTERTAINMENTCONVENIENCE
At ZEE, we are always focused tooffer greater value to our consumers.Our consistent endeavour to leverageadvanced technology has taken uscloser to people and widenedour reach.
In line with the evolving televisionviewing experience, Ditto TV wasthe first Over-The-Top (OTT) platformoffering in India. ZEEs new-ageplatform delivers Live TV, video-on-demand, music, news and much moreto viewers on their mobile phones,tablets, desktops and laptops.
PIONEERINGGLOBALOFFERINGS
At ZEE, our strategy has been to offerspecific content to relevant markets.Our initial offering was limited to Indiancontent, targeted to South-Asianpeople living across the globe. As wegained popularity, we started dubbingthe content in the local language ofthe particular region, expanding ourviewer base to global audiences.
As the next strategic step we startedcreating content especially for theglobal audience, elevating the brandZEE to new levels. Today, we delivercontent for the global audiencethrough 35 dedicated international
channels across 169 countries.
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14 ZEE ENTERTAINMENT ENTERPRISES LIMITED
PRUDENTFOSTERING LONG-TERMVALUE
At ZEE, our global strategies and executionare based on sensible business prudence,balancing risks and returns. We areconfident that our foresight and fortitudewill help us touch one billion people by2020.
As a pioneer of Indias Television Industry, ZEE has consistently followed transparency in its
operations and businesses. Such an approach has enabled us to win the trust of a diversecommunity of stakeholders.
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PRUDENTSTRATEGIESStarting with two hours ofprogramming in 1992, ZEE has
marched steadfastly towards its visionof unifying the entire world as OneFamily.
We ventured into international market,concentrating on Indian audiences,slowly re-formatting our offerings to suitthe local audiences in the internationalmarkets. As digitisation gathersmomentum in India a new horizonof opportunity is being created for acreative content creator like ZEE.
PRUDENTRETURNSWe are among Indias leading mediaand entertainment companies owing
to our unrivalled reach, encouragingadvertisers to associate with us. Ourdiverse channel portfolio and multi-country presence touches 730+ Millionpeople, providing quality entertainmentand creating higher return oninvestments for advertisers. This hasresulted in growth in our advertisingrevenues and subscription revenuesby 21% and 11% respectively overFY 2013.
PRUDENTDECISIONSMr. Punit Goenka, ZEEs MD & CEOplayed a strategic role in establishing
the Broadcast Audience ResearchCouncil (BARC). BARC is formedin association with The IndianBroadcasting Foundation (IBF), theIndian Society of Advertisers (ISA) and
Advertising Agencies Association ofIndia (AAAI).
BARCs primary objective is toconduct and commission marketresearch using appropriate researchmethodologies and provide accurate,up-to-date and relevant findingsrelating to broadcast audience,including TV ratings.
QUICK GLANCE
FY 2014 vs. FY 2013NUMBERS COUNT
FY 2014 vs. FY 2013BRAND RANKING
FY 2014 vs. FY 2013
13 21%Growth in advertising
revenues
Ranks higher in
Economic Times 500 listof companies for 2013;currently at 229 vis-a-vis242 last year
11%Growth in subscription
revenues
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16 ZEE ENTERTAINMENT ENTERPRISES LIMITED
PREDICTABLEFULFILLING STAKEHOLDEREXPECTATIONS
At ZEE, our multiple revenue platformsand cost-management initiatives helpus deliver sustainable stakeholderreturns. It is a predictable pattern thatstakeholders expect from us. We arecommitted to fulfilling their expectationsby strengthening current operations andleveraging future opportunities.
Our sterling financial performance demonstrates our industry leadership and emergenceas a global media and entertainment player. It is a testimony to our ambition to achievebroad-based growth, create a wider entertainment canvas and build a profitablebusiness. In the long run, this approach will translate into enhanced shareholder returns.
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PREDICTABLEREVENUEGENERATION
In the last five years, ZEEs revenuesgrew at 15.30% CAGR. Besides, wewidened our business significantly,adding more channels, countries andplatforms to our network.
The consolidated revenue duringFY 2014 grew by 20% y-o-y to`46,024 Million. The phasedimplementation of Digital AddressableSystem (DAS) in India helpedsubscription revenues rise by 11%y-o-y. At the time when householdbudgets were constrained, ourconsistent performance showcasesour balanced business model and
long-term growth potential.
PREDICTABLEPROFITABILITY
One of the key measures of ourprofitability is improving cost-efficiencyof our operations. At ZEE, weimproved the margins successfullyby rationalising overhead costs, apartfrom making sustained synergicinvestments.
ZEEs EBIDTA increased by26% in FY 2014 to `12,043 Million,and profit after tax was pegged at`8,921 Million. At ZEE, oursustainable profitability, aligned withour performance, defines our success.
PREDICTABLESHAREHOLDERWEALTH
CREATIONThe strength of a business model isdetermined by the flexibility with whichit balances investments in growth andcash returns to shareholders. At ZEE,we consistently pay high dividends toour shareholders, supported by higherearnings per share. This year weannounced a 200% dividend for ourstakeholders.
We have underlined our dominantposition in stock markets withhigh yield returns for the secondconsecutive year. Despite volatility in
stock markets, ZEEs stock registeredover 20% appreciation in 2013,making it themedia stock ofthe year!
(Source: www.televisionpost.com)
(%)
Advertising
Subscription
Others
PROPORTION OF
TOTAL REVENUEQUICK FACTS
FY 2014 vs. FY 2013
FY 2014FY 2013
25%Increase inProfit Before Tax
24%Increase inNet Profits
FACTS AND FIGURES
FY 2014 vs. FY 2013
30%Increase inMarket Capitalisation
29%Increase inZEEs share price
5239 42 51
9
7
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18 ZEE ENTERTAINMENT ENTERPRISES LIMITED
DIFFERENT EMOTIONS.ONE WORLD.
RISHI JAITLYIndia Market Director
Twitter
Q.What is the potential that ZEE holds in the DigitalMedia Space?
A. ZEE has a plethora of rich and engagingcontent and Twitter is currently home to muchof the second screen conversation aboutsuch interesting content. The platform is idealfor people to share their thoughts about what
they are watching, and to interact with others;sometimes even the stars of the showsthemselves. Thanks to searchable hashtags
and promoted tweets that TV networks canplace ads directly into the middle of thoseconversations. We are hoping that ourpartnership with ZEE will help acceleratea second screen TV conversation already
happening on the platform and inspire moreengagement with their advertisers.
ANNAZEE viewer
Housewife, Moscow
Q.What role does ZEE playin your life?
Q.How has ZEE contributedto your entertainment needsfor the last several years?
A. Its very important to have a channel thatyou can watch with your children, to spendsome time together. I have a 12 year-old girl,she is quite grown-up for the cartoons but stillvery young to watch programmes for adultswhich usually contain violence. ZEE TV is agreat alternative.
A. Im pleased with everything that is relatedwith Indian culture. I practice yoga everymorning, and it is amazing that I can do sowithout leaving my house. All I have to do isturn on Zee TV. I am a busy person, butwhen it is time for the new episode of JodhaAkbar, everyone in the house knows not todisturb Mommy!
EVERY MORNING I
PRACTICE YOGA,
ITS AN AMAZING
POSSIBILITY TO
ATTEND AN INDIAN
GURU LESSON
WE ARE HOPING THAT
OUR PARTNERSHIP
WITH ZEE WILL HELP
ACCELERATE A
SECOND SCREEN TV
CONVERSATION.
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EKATERINAZEE viewer
Manager, Noginsk
Q.What role does ZEE playin your life?
Q.How has ZEE contributeto your entertainment needfor the last several years?
A. For me Zee TV is a perfect way toescape any troubles and tiredness. After ahard working day in the office I dont wantto see news on TV. I need to relax and getpositive emotions.
A. I remember watching Bollywood movwith my mom, which are popular in Russiasince I can remember. Its kind of a familything. Usually my husband joins me to wata movie and it helps us enjoy togethernessWe both look forward to movie premieres Zee TV Russia.
USUALLY MY
HUSBAND JOINS
ME TO WATCH
A MOVIE AND IT
HELPS US TO
BE UNITED EVEN
MORE!
JOHN REID
President & COOColumbus Communications Inc.
Q.How has ZEEs presence in the Caribbean added value t
the international distribution ecosystem?
Q.What has been ZEEs role in being the cultural ambassadof India to the rest of the world?
A. We view ZEE as an important contentpartner as Columbus continues to makestrides in our commitment to provide avariety of programming to suit the unique andcomplex viewing demands of the Caribbean.
ZEE provides content that is relevant to asignificant segment of our consumer baseand we are pleased to partner with them awe continue to expand viewing options in region.
A. We understand that being culturalambassadors for India is important to ZEE;
we congratulate ZEE on its role to helppromote Indian culture, through content
that highlights Indias rich heritage andcomplexities to new and emerging marketand especially in areas in which there isinterest and demand.
ZEE PROVIDES
CONTENT THAT IS
RELEVANT TO A
SIGNIFICANT SEGMENT
OF OUR CONSUMER
BASE
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20 ZEE ENTERTAINMENT ENTERPRISES LIMITED
SONU NIGAMSinger
Q.What place does ZEE hold in your life? How has ZEEevolved in these years?
A. ZEE to me is my extended family. Onedoesnt need to be regularly in touch withones family to make sure they stay family. Our
case is similar. I have been associated withZEE within its first 3 years of inception. Sothat makes me one of its earliest members. Ihave been a witness to its work culture, andits vision.
Through the years ZEE has been instrumentalin bringing innovative ideas in the business,thereby creating newer opportunities andintroducing new talents.
The best thing about ZEE, that makes itstand out from the rest, is its interesting blend
between corporate discipline and emotionaland personal ethics and approach. Thats arare feat and a very unique quality for a mediahouse of this grandeur. I personally feel it isthis personal touch, passion and warmth thatadds to the soul of ZEEs functioning.
I am proud to have been associated withZEE for the longest time and consider thisas one of the highlights of my professionaland artistic journey. All my best wishes andcompliments to ZEE and may this journeykeep bringing about smiles in more and morepeoples lives.
I HAVE BEEN
ASSOCIATED WITH
ZEE WITHIN ITS
FIRST 3 YEARS OF
INCEPTION. SO THAT
MAKES ME ONE OF
ITS EARLIEST FAMILY
MEMBERS.
ALEXANDRA
ZEE viewerStudent, Moscow
Q.What role does ZEE playin your life?
Q.How has ZEE contributedto your entertainment needsfor the last several years?
A. Ever since I first turned on ZEE, I havenot shifted my loyalties. I have everything I
need on this network. I want to especiallythank the team at ZEE for their cookery show,which have won me many compliments formy culinary skills.
A. I enjoy serials on ZEE! Beautiful andbreathtaking stories about passionate lovemake me believe that one day Ill meet my
handsome prince. I hope ZEE continues tobring us such awesome content!
ESPECIALLY I WANT
TO THANK ZEE TEAM
FOR COOKING
SHOWS. I GET MANY
COMPLIMENTS
ON MY CULINARY
ABILITIES.
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ZEE HAS INVESTED IN
REGIONAL LANGUAGES,
CABLE, DTH AND
MOST IMPORTANTLY
GROWING ITS
BUSINESS GLOBALLY.
VANITA KOHLI-KHANDEKAR
Media specialist and author of The Indian
Media Business.
Q.What are your thoughts about ZEE being a pioneer in themedia and entertainment industry?
Q.What are your views on ZEEs evolution in the past decadwith changes in the media and entertainment space in ourcountry?
A. In the early nineties at a time whenno one thought of India as a TV market,Subhashji made a crazy bid for spaceon the only satellite broadcasting into
India and China. To my mind that showsentrepreneurship, vision and an appetite
A. The Indian media and entertainmentspace invites hyperbole easily. That is
because it is the largest market for anythingand everything. The second largest TVmarket, the largest producer of films andthe fastest growing print industry, amongother things. It is however also terrificallyfragmented and chaotic. This is becausestructurally no one segment has had thetime to evolve and mature fully. Almost allmedia segments - print, TV, radio, films - sawliberalisation simultaneously. So investmentstarted flowing into them and they all started
for risk that any budding economy shouldhave plenty of. ZEE has invested in regionalanguages, cable, DTH and most importangrowing its business globally. Much of this
has come without any competitive pressuto do it.
growing together and fighting with each otIn the US for instance, first newspapers rumatured, then radio came and then came
In India, a voluminous and heterogeneousmarket, all media is booming simultaneous
This calls for companies with extraordinarytenacity, vision, and organisational abilitiesmake money, scale up and remain relevan
That is why ZEEs growth is so phenomenIn a completely free market with dozens ofbroadcasters, raucous cable operators ansomewhat inefficient regulatory frameworksteadiness and growth stands out.
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22 ZEE ENTERTAINMENT ENTERPRISES LIMITED
MESSAGE FROMTHE CHAIRMAN
Dear Shareholders,
There is a power in universal unity, whichcan hardly be overemphasised. It touches alllife forms and recognises and respects theirexistence as part of a universal family.
Taking a cue from that distilled wisdom ofancient Indian tradition we have evolved ourcorporate credo, Vasudhaiva Kutumbakam The World is My Family. I firmly believewe will be a key driver in enhancing theglobal media and entertainment industry. Ourobjective is not just to disseminate informationor entertain our viewers with innovativeand engaging content, but to enrich livesand strengthen bonds that unite countries,cultures and traditions, despite obviousdifferences. We started our journey from India,which itself celebrates Unity in Diversity; andnow we are taking forward this message fromIndia to the world.
Today, we touch over 730 Million viewers,who embrace our brand affectionately. Thisviewing fraternity belongs to one family, theZEE family. Across varied cultures, geographicand demographic landscapes, millions ofpeople repose trust in us. But is it the end ofthe road for us? No. We want to extend ourentertainment universe further; and we knowfor sure that despite challenges it will be animmensely fulfilling journey to take. We want
Today, we touch
over 730 Millionviewers,whoembrace our brandaffectionately. Thisviewing fraternitybelongs to onefamily, the ZEEfamily. Across
varied cultures,geographic anddemographiclandscapes,millions of peoplerepose trust in us.
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ZEE is a youngcompany at heartthat promotesrefreshing ideasfor India andthe world. Ideasthat entertain,educate and helpelevate the lives ofpeople.
to take our quality entertainment to a billionviewers by 2020, and ZEE is fully equipped toembrace that challenge.
What gives us the confidence at a time ofsuboptimal global and domestic economicgrowth and a general climate of pessimism?My answer would be our seasonedexperience and expertise, which has seenmany a rough weather. I would say ourexperience and expertise is not an overnightphenomenon. It has been acquired fordecades, and this knowledge has enabled us
to outperform the domestic industry growthaverage for two consecutive years. We dontsee the evolving entertainment aspirations ofthe global community as a roadblock, but asa catalyst to unleash our creativity.
According to the latest PWC report, the globalmedia and entertainment market is estimatedto grow at 5.6% CAGR over the next fiveyears, generating US$ 2.2 trillion revenues.In line with these growth opportunities, weare now raising the bar in terms of our brandreach and recall. As a step in this direction,we have launched our operations in theIndonesian and Thailand markets.
The latest KPMG report states that thedomestic television industry is valued at`417 Billion. The industry addresses over161 Million TV households across India.
The transformation from cable viewing todigitisation is still continuing. Digitisation hasbeen instrumental in enhancing the industrystransparency levels. The Phase I and II rollout restructured the industrys standards.With the consumers ready to pay for qualitycontent, complete digitisation will entailmultiple benefits, such as industry growth,transparency and increased ARPUs forindustry players.
At ZEE, it has been our constant endeavourto catalyse the positive industry trends. Thismechanism will further enhance the overallecosystem, generating mutual benefitsto valued channel partners. The timelyimplementation of digitisations Phase III andIV is definitely important for the benefit of theentire industry.
ZEE is a young company at heart thatpromotes refreshing ideas for India and theworld. Ideas that entertain, educate andhelp elevate the lives of people. The result
Read more about Our People
on page 40
is a widening fraternity of viewers and aconsistent growth rate of over 20%, yet agoutperforming the industry. On the socialresponsibility front, we are also focusingon reaching out to the community in moreways than one. We are helping promotereading and literacy across Rajasthan andUttarakhand. Our team has established 20primary school libraries, and we will continto support such initiatives in the comingyears.
I am confident that ZEE has miles to go,
thanks to our vision of creating a globalfamily of viewing fraternity; a family which widening every single day. Our Team has tcommitment and the calibre to compete wthe best in the global entertainment univerand together we will take brand ZEE to neheights of excellence.
I thank all our stakeholders, whose unstintsupport and guidance has contributed toour stellar performance in FY 2014. Wewill continue to live our values and turnopportunities into business achievements the years to come.
DR. SUBHASH CHANDRA
Chairman
Zee Entertainment Enterprises Ltd.
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24 ZEE ENTERTAINMENT ENTERPRISES LIMITED
MD & CEOsMESSAGE
Dear Shareholders,
Can we have a businessmodel, which enshrinesfamily values and yetperforms sustainably withsound financial prudenceglobally?
Can we go beyond thetraditional creator-consumermindset?
Can we learn, adapt andchange and yet stay deeplyrooted to The World Is MyFamily ethos?
At ZEE, we believe its possible and ourconviction is reflected in our corporate brandpositioning. Our aim is to take it further. Thereis an interesting paradox in this proposition.
The further we go across geographies, thecloser we get to our vision of One World.
Our success depends on three fundamentalbrand value drivers - Pioneering, Prudent,and Predictable which were articulated inthe recently conducted Corporate Brand
Valuation Study. Our business operations
revolve around these pillars, and we believethat the resulting synergies have broughtsustainable growth to the organisation.Pioneer for all the industry firsts thatZEE has to its credit, because of whichthe industry looks up to ZEE in terms ofinnovations and industry leadership; Prudent giving the best input to output ratio in theindustry; and Predictable emerging asthe most effective shock-proof option forinvestments and delivering consistent value toinvestors.
The future ofIndias M&Eindustry continuesto be promising.ZEE will continueto raise the bar interms of contentinnovation,operationalexcellence andglobal footprint tosustain its industryleadership.
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In this challenging market scenario, in orderto sustain leadership, one needs to bevigilant and cater to the evolving aspirationsof viewers. This makes it imperative for us todeliver content solutions that are innovativeglobally.
Our international expansion remains integralto our philosophy of embracing One World.Our strategic launches include Zee TVCanada in HD and Zee Bioskop in Indonesia(being the first Bollywood movie channelin Bahasa region). Besides, Zee UKs two
free-to-air channels, Lamhe and Zing, areranked as UKs top viewed Asian channels.Extending the success of Dance India Dance,the USA edition of the show was a grandsuccess in the region.
To strengthen our presence in domesticmarkets, we launched another brand - &.With plans to unveil a bouquet of channels,we successfully launched the first productunder this brand, & Pictures- a 24-hoursmovie channel. We launched Zee Anmol, theHindi GEC Channel across two platforms(television and mobile) simultaneously. Wealso launched Zindagi, which offers premiummass content to Indian audiences. These
steps have increased our channel bouquet to33 channels in the domestic market and 35dedicated channels internationally.
ZEE has performed commendably in FY2014 in a slow-growth era, with a steadyquarter to quarter growth. During FY 2014,ZEEs revenue stood at `44,217 Million withEBIDTA of `12,043 Million and Net Profit of`8,921 Million. In addition, we also issuedbonus preference shares to the Equity shareholders on the occassion of completionof 20 years of broadcasting business ofthe company. The results prove that ourstrategies are in the right direction and thatwe have been able to elevate our expertise inline with changing times. In an environment ofhigh inflation and tighter household budgetsfor discretionary spend, we have been ableto gain more viewership share and in turnmindshare. Having more than 730 Millionviewers today, we are on course to reach abillion viewers by 2020.
The industry did mature to a considerableextent in the last financial year, especially afterthe roll-out of digitisation Phase I and II. Interms of advertising revenue (10-11%), the
year was not encouraging for the industry.On the contrary, ZEEs growth in advertisingrevenue has been 21%. In the next 2-3 years,I believe the market will certainly improve, witha CAGR of 12-14%.
In case of subscription revenues, the DTHARPUs have shown a positive trend. Whiledigitisation has brought multiple nichechannels for the viewers, it hasnt resulted ina dramatic shift in the viewing preferences.GECs have maintained the same share ofviewing over the niche channels. The growthtrend for subscription revenues largelydepends on the roll out of the Phase III andIV of digitization. The timely roll out of thesephases will certainly benefit the industry.
The regional market witnessed growth in linewith industry growth rates, with Zee Marathishowing the fastest growth rate. The 12
minutes advertisement CAP rule by TRAIhas been implemented by ZEE. While thevolume of advertising revenues declined, theeffect was transferred to the advertisers by aspecific hike in advertising rates.
The FY 2014 continued to be anotherencouraging year, as our contribution to theentertainment landscape received furtherrecognition. We are ranked as the No.1 MediaCompany in the prestigious ET 500 l ist ofcompanies. Ditto TV was recognised for Best
ZEE will continueto raise the bar interms of contentinnovation,operationalexcellence andglobal footprinttosustain its industryleadership.
Mobile Application (Entertainment), Innovain the Mobile Industry (Best audiencemigration to the mobile industry) and Best
Application/Content Development Platform(mobile browsers). The successful launch & Pictures resulted in Designomics Awar2013 for Digital Use and Social MediaInnovation.
The future of Indias M&E industry continuto be promising. Currently valued at`417 Billion, it is poised to reach `885 Bby 2018, as per the latest KPMG report.
ZEE will continue to raise the bar in termsof content innovation, operational excellenand global footprint to sustain its industryleadership.
As you read this, the global ZEE family isgaining strength, crossing borders andwinning hearts. We have always believedthat true innovative entertainment starts wpeople, who bond as family; and we willcontinue to have faith in the global familyethos. With your constant support andencouragement, we will be able to extendZEE family to new frontiers and geographi
PUNIT GOENKA
MD & CEO
Zee Entertainment Enterprises Ltd.
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26 ZEE ENTERTAINMENT ENTERPRISES LIMITED
AIMINGHIGHER
FINANCIAL HIGHLIGHTSOPERATIONAL HIGHLIGHTS
FY 2014
FY 2013
FY 2012
44,217
36,996
30,405
INCOME FROM OPERATIONS (`Million)
FY 2014
FY 2013
FY 2012
12,043
9,543
7,395
EBIDTA (`Million)
FY 2014
FY 2013
FY 2012
13,191
10,519
8,406
PROFIT BEFORE TAX (`Million)
FY 2014
FY 2013
FY 2012
8,921
7,196
5,891
PROFIT AFTER TAX(`Million)
REVENUE FROM OPERATIONS (%)
(%)
Advertising Subscription Others
DISTRIBUTION OF EXPENSES
Operational cost
Employee benefits expense
Depreciation and amortisation expense
Other expenses
Finance cost
54
5
41
63
12
23
0
2
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KEY FIGURES FOR SHAREHOLDERS
FY 2014
FY 2013
FY 2012
260,618
200,760
123,202
MARKET CAPITALISATION (`Mi
FY 2014
FY 2013
FY 2012
47,377
39,115
34,308
NETWORTH (`Mi
FY 2014
FY 2013
FY 2012
18.8
18.4
17.2
RONW
FY 2014
FY 2013
FY 2012
28.1
27.1
24.6
ROCE
(Source: FICCI-KPMG Indian Media and
Entertainment Industry Report 2014)
TV INDUSTRY SIZE (`Billion)
417
885
2013
2018 (projected)
TOTAL INTERNET
USERS(Million)
214
61%
2013
Dominated by mobile users
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28 ZEE ENTERTAINMENT ENTERPRISES LIMITED
India as a country has always been an active participant inglobal affairs. ZEE conceptualised on two knowledge platformsfor intellectuals of our country.An interactive platform,ZEE Leadership Series and ZEE MindSpace is one of its kind,bringing global intellectuals together.
An intellectually inspiring event, conceptualisedto create an interactive platform for industryleaders to discuss, debate and ideate onglobal issues. Besides, these events (actingas revenue generating brand intellectualproperties) ensure attractive revenues andstrengthen our brand recall and respect.
In the first of many series, the theme for ZEELeadership Series 2013 was One World:Risk, Opportunities and Excellence. As
the global geographic barriers erase andtechnology bridges dreams, One World isthe prevailing idea. The ones to succeed shallbe those individuals, who have the ability tocapitalise on opportunities and empowerthe nation. The two speakers for the ZEELeadership Series, 2013 were thoughtfullyselected, inspiring the audiences with theirstories of brilliance, creativity and courage.
CAPTAIN RICHARD PHILLIPS
Captain of the Maersk Alabama, the only UScargo ship to be attacked by pirates in the last200 years, Richard is a true hero. Held hostageby Somali pirates, the Captain was determinedto save his crew and ship. The Captainsstory is one of tremendous individual bravery,leadership and eventually, of triumph.
FREDRIK HAREN
Swedish entrepreneur, publisher and author,Fredrik Hrn has, in the past few years,become one of the most talked-aboutnames in the field of creativity. Founder ofcreativity company interesting.org and authorof the best sellers The Idea Book and TheDeveloping World, Fredrik has worked withmultiple companies delivering more than 1500speeches in over 40 countries.
As the globalgeographicbarriers eraseand technologybridges dreams,One World isthe prevailing
idea.The ones tosucceed shall bethose individuals,who have theability to capitaliseon opportunities.
Dr. Subhash Chandra, Chairman, giving
inaugural address at ZEE Leadership Series.
ONE KNOWLEDGEPLATFORM
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A unique platform bringing together themarketing gurus of the Indian CorporateInc., ZEE MindSpace series is designed forlike-minded people to discuss and debateon the challenges of marketing. The themefor ZEE MindSpace 2014 was ChallengingEnvironment, highlighting the challenges for
marketing professionals to succeed in todaysevolving landscape. The speakers for thisevent enlightened the business audiences withthe challenges of the 21st century workplaceand how right attitude can lead to survivaland success.
ROB LILWALL
Rob Lilwall is a British-born, Hong Kong-based
TV adventurer, writer and motivational speaker.His expeditions have seen him travelling onfoot, by bicycle, and by boat, through someof the harshest corners of the Earth. Robexpounds upon the attitudes of Effectivegoal-setting, Daring Creative thinking and Self-Discipline.
ANDERS SORMAN NILSSON
Anders Sorman Nilsson is a reformed lawyer,
and the founder and creative director ofthe Sydney and Stockholm based researchcompany Thinque. His unique globalperspectives have been helping leaders,teams, and business owners in the USA,Europe, Asia and Australia make sense ofand harness disruptive trends in innovations,generations and communications. His misfitinsights have recently been manifested in hisbook Thinque Funky: Upgrade Your Thinkingand amplified by endorsements via AFR BossMagazine, Wired (UK), and Monocle.
A uniqueplatform bringingtogether themarketing gurusof the IndianCorporate Inc.,ZEE MindSpace
series is designedfor like-mindedpeopleto discussand debate onthe challenges ofmarketing.
Punit Goenka, MD & CEO ZEE addressing the
delegates at ZEE Leadership Series.
Delegates listening to speakers at ZEE MindSpace
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30 ZEE ENTERTAINMENT ENTERPRISES LIMITED
OPERATIONALCANVAS
TOUCHING GLOBAL AUDIENCE HINDI SHOWS ENGLISH SHOWS
ZEE TV CANADA IN HD
Zee TV, the South Asian EntertainmentNetwork in partnership with Ethnic ChannelsGroup Limited (ECG), Canadas largestdistributor of third language televisionservices, launches Zee TV Canada in HD.
ZEE BIOSKOP
ZEE launched operations in Indonesia withthe launch of ZEE Bioskop.
ZEE LAMHE
Targeted to the UK viewers, the channelidentity plays on lifes simple and specialmoments, creating an emotional connect withthe audiences unique memories of their earlyUK life.
PAVITRA RISHTA
The popular television show has won twointernational awards.
DANCE INDIA DANCE
This popular reality show has made a placefor itself in the Guiness Book of WorldRecords.
FEAR FILES
Fear Files has won Silver at the prestigiousIndian Digital Media Awards 2013 for the bestuse of technology.
DID SUPER MOMS
Extending the biggest dance platform onIndian television, DID Super Moms gaveIndian mothers a chance to relive theirdreams of dancing.
RED WIDOW
USAs super hit series was premiered for thefirst time on Indian television through
Zee Caf.
LOST
The popular serial starring Hollywoodshottest talents, featured on Zee Caf.
HOUSE OF CARDS
An American political drama television series,House of Cards was featured on Zee Caf.
SPORTS
BIGGEST SPORTS CONTENT
PROVIDER
Ten Sports bagged the rights to broadcasts2014 Asian Games and four other AsianOlympic Competitions.
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REGIONAL CHANNELS OTHER HIGHLIGHTS
ZEE BANGLA
Reality show Dadagiri Unlimited was backwith its Season 4 to win over the hearts of the
Bengali population.
ZEE MARATHI
Introduced Uncha Maza Zoka Puraskar2013, to recognise women achievers inMaharashtra.
ZEE SALAAM
Zee Salaam, Indias only Islamic TV channel isNo.1 yet again.
ZEE TALKIES
The roaring success of MaharashtraFavourite Kon 2013 (the only viewers choiceawards for Marathi Cinema Industry) madeZee Talkies reach highest TVTs since launch.
ZEE CARE
A CSR initiative which will endeavour to makea difference in the lives of underprivilegedchildren through education.
& PICTURES
The recently launched hindi movie channestrives to offer the best of movies tothe audiences through unique interactivecampaigns.
ZEE ANMOL
First channel in the Indian television spacebe simultaneously launched on mobile andtelevision platforms.
ZINDAGI
The channel aims to showcase storiesfrom across the border with culturalbackgrounds, morals and values that are aintrinsic to India.
ZEE BIOSKOP
Indonesias first Bollywood channel withsome of the greatest Bollywood movies onthe offering.
ZEE NUNG
A Bollywood channel dubbed in Thai,customised and packaged for the localaudiences.
NEW CHANNELS LAUNCHED
CORPORATE
BUSINESS TODAYS 500 MOST
VALUABLE COMPANIES
Ranked 59th, up from 81st in 2012.
ECONOMIC TIMES 500 COMPANIES
Ranked 229th against 242nd last year.
BUSINESS STANDARD LIST OF
INDIAS TOP MEDIA FIRMS
ZEE became a part of the billion-dollar mediaclub, making it one of the leading mediacompanies in India.
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32 ZEE ENTERTAINMENT ENTERPRISES LIMITED
A WIDERANGLE
HINDI GEC
REGIONAL GEC MOVIE CHANNELS
ENGLISH ENTERTAINMENT MUSIC
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DIGITAL OFFERINGS
SPORTS
EDUTAINMENT
ALTERNATIVE LIFESTYLE HD
NICHE OFFERIN
INTERNATIONAL
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34 ZEE ENTERTAINMENT ENTERPRISES LIMITED
BOARDOF DIRECTORS
EXPERIENCE
One of the Founder Promoters, associatedwith ZEE since its inception.
One of the Founder partners of Hanmer& Partners, one of Indias top-three publicrelations agencies; Flora2000, one of theleading global online flower distribution
services, and Remindo, an Intranet 2.0 OfficeCommunication Network.
He also works as a special advisor to theUS$ 7 Billion Publicis Group.
ASHOK KURIENNon-Executive Director
QUALIFICATION
Holds an M.Sc in Physics and severaldiplomas and management certificates fromIIM-A, IIM-B, IIM-C, Harvard Business School,IDS Sussex, IMF amongst other Ivy Leagueinstitutions.
EXPERIENCE
Mr. Kumar had one of the most illustriouscareers in the Indian Administrative Service,spanning 35 years, heading various keygovernment agencies with stellar integrity andtransparency. He has made many noticeablecontributions to the areas of his work andmost notably made modifications to theDevelopment Control Regulations therebydrastically reducing the manipulation in thebuilding industry.
SUBODH KUMARExecutive Vice Chairman
EXPERIENCE
Non-Executive Chairman of the Board andPromoter of Essel Group of Companies.
Consistently demonstrated his ability toidentify new businesses and lead them on thepath to success.
His industry leading businesses includetelevision networks and film entertainment,cable systems, theme parks, flexiblepackaging, family entertainment centres andinfrastructure.
ACHIEVEMENTS
For his contributions to the industry,Dr. Chandra has been awarded the 2011International Emmy Directorate Awardat their 39th International Emmy Awardsnight in New York. He also received theHonorary Doctorate of Business Administrationfrom the University of East London (UEL).
He became the first Indian ever to receive aDirectorate Award recognizing excellencein television programming outside the
United States.
DR. SUBHASH CHANDRANon-Executive Chairman
QUALIFICATION
Holds five honorary degrees from variousleading British Universities.
EXPERIENCE
An accomplished entrepreneur, who foundedBombay Halwa Limited, a Company engagedin the business of manufacturing Indianconfectionery, Indian savories and aviationcatering.
Member of the House of Lords, UK.
LORD GULAM K. NOONIndependent Director
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QUALIFICATION
A graduate from Bombay University, alsoparticipated in various intensive ManagementEducation programmes like Young Managersprogramme at INSEAD, France and aprogramme on Birthing of Giants hosted by
Young Entrepreneurs Organisation and MITEnterprise Forum, Inc., Boston, USA
EXPERIENCE
Started his career with the Essel Group,which has diversified business interest inthe areas of media, entertainment, gamingpackaging and telecommunications.
PUNIT GOENKAManaging Director & CEO
QUALIFICATION
Prof. Neharika Vohra, Professor inOrganisational Behaviour at the IndianInstitute of Management, Ahmedabad, holdstwo post-graduate degrees and first rankerin Graduation and is a post-graduate inPsychology in India. She also holds Ph.Din Social Psychology from University ofManitoba, Canada.
EXPERIENCE
She has been the recipient of various awaand recognition in her professional fieldincluding Best Teacher Award by Universof Manitoba, Young Psychologist Awardby International Union of Psychologists.Learning Luminary Award by OD Roundtand Woman Achievers Award by FICCILadies organisation.PROF. (MRS.) NEHARIKA VOHRA
Independent Director
QUALIFICATION
Fellow Member in Management (Doctorate)from the Indian Institute of Management,Kolkata.
Masters from the Indian Statistical Instituteand graduate from Loyola College, Chennai.
EXPERIENCE
Known for his commendable contributionin the areas of Corporate Finance, RiskManagement and Pensions.
Professor of Finance and Control at the InInstitute of Management, Bangalore and UChair Professor in the area of Capital Mark
PROF. R. VAIDYANATHANIndependent Director
QUALIFICATION
Prof. Sharma has earned a Fellow (Ph.D) inBusiness Policy from the Indian Institute ofManagement, Ahmedabad, and Bachelorsin Mechanical Engineering from UP TechnicalUniversity.
EXPERIENCE
Prof. Sharmas specialization is in strategyformulation under uncertainty, innovationmanagement, and organizational capabilitHe teaches courses on strategy, consultinand innovation. His most recent consultingassignment was to formulate the vision anmission, review the organizational set-up asuggest a new organization structure, anddevelop a business model for the CompetCommission of India.
PROF. SUNIL SHARMAIndependent Director
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36 ZEE ENTERTAINMENT ENTERPRISES LIMITED
SENIORMANAGEMENT TEAM
PUNIT GOENKAManaging Director & CEO
AMITABH KUMARTechnology
ARUN KAPOORAffiliate Revenue
ASHISH SEHGALAdvertisement Revenue
ATUL DASCorporate Development
BHARAT RANGAContent
DEBASHISH GHOSHDigital
DEEPAK JAINInternational Business - Africa
K. JAYARAMANDistribution
At ZEE, we have a high-quality managementteam, that continuously addresses the challengesand believe in themselves to take the Companyto the next level.
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M. LAKSHMINARAYANAN
Legal & Secretarial
ROLAND LANDERSCorporate Brand
SHARADA SUNDERRegional HSM
RAJENDRA MEHTAHuman Resources
ROMIL RAMGARHIACommercial
SUNITA UCHILInternational Advt. Sales and Syndication
RAJESH SETHISports
SAMEER TARGEInternational Business USA
SUSHRUTA SAMANTAInternational Business APAC
MUKUND CAIRAE
International Business MENA & Pakistan
NEERAJ DHINGRAInternational Business - UK
MIHIR MODI
Finance & Strategy
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38 ZEE ENTERTAINMENT ENTERPRISES LIMITED
ZEE MUSIC COMPANY
Indian music is blissful and touches the deepest chords of the human heart globally. The digitalplatform (mobile and internet services) has strengthened Indian musics global recognition. Thistechnological advancement will take Indian music to new heights of achievement.
Indentifying the opportunities in Indian Music industry, ZEE has launched Zee Music Company,entering into the countrys `960 crore music market. The Company foresees the music industry
to grow significantly, touching `1780 crore by 2018. ZEE has already partnered with the countrysleading production houses like Reliance Entertainment and Fox Star Studios, with plans topartner with Dharma Productions, Excel Entertainment and more in future. Zee Music Companyexpects to come out with music rights for more than 20 motion pictures in 2014.
HOLIDAY
HUMSHAKALS
HAWAA HAWAAI
EXTENDING OUR BOUNDARIES
The strong growth in the Indian digitisationspace has propelled the distribution businessin the country. With first two successfulphases of the DAS implementation, ZEE
and Star have discontinued their alliance,to continue the distribution at independentlevels. After achieving success, ZEE wouldnow deliver content in the most efficientmanner through Taj Television India (P) Limited(100% subsidiary).
After successfully addressing the anomaliesin the analog market, curbing piracy andintroducing transparency, ZEE wouldstrengthen the distribution platform to cater tothe stakeholder community at large.
NEW BUSINESSVERTICALS
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AWARDS &ACCOLADES
Punit Goenka, MD & CEO, ZEEL receives The Economic Times - 40
under Forty - Indias Hottest Business Leaders Award 2014
Punit Goenka, MD & CEO, ZEEL bags the prestigious Media Person of
the Year award at the IAA Leadership Awards
Dr. Subhash Chandra, Chairman, received the Honorary Doctorate of
Business Administration from the University of East London (UEL).
Dr. Subhash Chandra, Chairman, delivers a keynote at the IAA
Knowledge Conclave 2013
Punit Goenka, MD & CEO, ZEEL honored as Entrepreneur of the Year
at the Asia Pacific Entrepreneurship Awards 2014
AWARDS AT ZEEARE A
RECOGNITION OF SUSTAINED
EFFORTS IN DELIVERING
QUALITY ENTERTAINMENT TO
ITS CONSUMERS.
As in previous years, ZEE received numerous awards at various
platforms. Apart from the several corporate awards, thepromoters of the Company were honoured for their contributionand commitment to ZEEs growth in the entertainment andmedia space.
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40 ZEE ENTERTAINMENT ENTERPRISES LIMITED
FAMILY STARTSWITH PEOPLE
ANINE EHLERSSenior Sales Manager, South Africa
LEONID YURGELASGeneral Manager, United Kingdom
LALITAManager - Administration, Indian Ocean Islands & Francophone Africa
JODI GOLDBLATTSenior Manager Advertising Sales, United States
TSAKANE MABASAFinancial Accountant, South Africa
LOVENASenior Account Manager,Indian Ocean Islands & Francophone Africa
ANNE DOYLEHead HR, United States
COLLEEN CASSELLDirector Advertising Sales, United States
LEILARegional Head, Indian Ocean Islands & Francophone Africa
NADER SHEHATASenior Manager On Air Promotions, Programming Department,MENAP
ADILAHHead of Sales, Malaysia
DIALA MONSEFManager Dubbing, Programming Department,MENAP
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THE BEST PLACE TO WORK
At ZEE, we encourage a high-performancculture. We have embarked on our journeybe among the Top 100 Best Places to Wocharting out the best of people practicesthrough our project SAMWAD. We empoour team with assigning new projects orpositions across the Company.
We also recently launched the ZEE talentmanagement programme to create a poolof future leaders, elevating the organisatioto higher orbits of success. ZEEs Current
Trust Index score has increased to 74% incurrent year from 65% in the previous yea
BOND OF TOGETHERNESS
At ZEE, we know that our people will alwaysbe the key to our success. As a consciouseffort to bind over 2,200 global audience,we launched zeeconnect our globalaudiences intranet platform. This has enabledeasy exchange of information and helpedstrengthen global solidarity. In addition, wealso conducted a series of conferences,bringing employees on a single platform, toshare ideas, success stories and strategiesfor the Company.
TALENTED PEOPLE
At ZEE, our team drives our growth engine.The organisation continues to invest intheir development, so that new leaders canemerge to take the organisation forward. Tohelp our employees deliver their best, weare focused on creating One World withinourselves. In most of our international offices,we have three different ethnicities of peopleworking together. With ever widening globaloperations, we consciously work towardsinternal mobility, ensuring cultural continuityand knowledge dissemination. Such anapproach complements and facilitatesthe nurture of local talent across multiplegeographies.
1,727No. of person daysinvested in training
2,200+Total strength ofteam ZEE
12Total nationalities of peopleworking with ZEE
AT ZEE, OUR GLOBAL FAMILY STARTS
WITH OUR VERY OWN PEOPLE,WHO LIVE
OUR PASSION TO TOUCH THE WORLD
EVERY SINGLE DAY.A MULTI-CULTURAL
WORK ENVIRONMENT ACCELERATES
CROSS-POLLINATION OF IDEASTO MAKE
THE ENTERTAINMENT UNIVERSE RICHER
AND MORE VARIED.65%
74%Current Trust Index Score for 2013-14
Trust Index Score in 2012-13
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42 ZEE ENTERTAINMENT ENTERPRISES LIMITED
BUSINESSRESPONSIBILITY
BUSINESS RESPONSIBILITY AND
SOCIAL RESPONSIBILITY COMPLEMENT
OUR VISION OF ONE WORLD.
BUSINESS RESPONSIBILITY
We believe, our business touches lives in more ways than one. Therefore, it involves a
sense of responsibility.
We strive to comply with regulatory bodies, fulfil legal obligations and create ethical internal
policies and procedures. While we aim to realise our dream of building One World, we arecommitted to mitigate potential business risks and capitalise on emerging opportunities.
Our internal corporate governance team has created a strong governance structure, whichis aligned with the Companys policies. The integrated framework provides support to createstrategic policies, specific targets and benchmarks to move ahead.
Our industry leadership drives us to develop a sustainable organisation. ZEEs businessresponsibility revolves around meeting the following priorities:
PERFORMANCE-DRIVEN
Set feasible targets and encourageoperational transparency
BRAND ZEE
Sustain industry leadership and continue toscale new heights of achievement
TALENT-DRIVEN
Identify talent, support and nurture them
REWARDS
Acknowledge employee contributionstowards fulfilling organisational goals
UNDER OUR
CSR BRAND-
ZEE CARE, OUR
KEY FOCUS HAS
BEEN ON WOMEN
EMPOWERMENTAND CHILD
EDUCATION.
TO REALISE
OUR DREAM OF
BUILDING ONE
WORLD, WE
ARE COMMITTED
TO MITIGATEPOTENTIAL
BUSINESS RISKS
AND CAPITALISE
ON EMERGING
OPPORTUNITIES.
Read more about
Governance Practices
on page 66
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MR. JOHN WOODFounder
Room to Read
Q.What are your thoughtson ZEEs contribution to thesociety?
A.As the world becomes moreinterconnected, it is incumbent on all of us
to work together to solve societys mostpressing challenges.
Room to Reads partnership with ZeeEntertainment Enterprises Ltd., which haspromoted literacy and cultivated a love forreading among thousands of children in Indiais a perfect example of how the corporateworld can take action to inspire positivechange and make the world a better place forfuture generations.
ROOM TO READS
PARTNERSHIP WITH
ZEE IS TO MAKE THE
WORLD A BETTER
PLACE FOR FUTURE
GENERATIONS.
SOCIAL RESPONSIBILITY
We remain relevant on the societal platform with multiple initiatives. In 2013, we funded thesetting up of 20 libraries across Rajasthan and Uttarakhand. These libraries catered to over2,490 students, providing them access to various study materials. The libraries created additionalresources for children around those regions. ZEE delivered around 12,000 books, especiallyselected by parents, teachers and government officials of those regions.
ROOM TO READ AND ZEE
It was a milestone for ZEE to partner with Room to Read, a global organisation. Room to Readenvisions a society in which all children should pursue quality education to acquire knowledgeand contribute to their respective communities and the world. ZEE will enhance literacy levelsacross Rajasthan and Uttarakhand by setting up libraries through this partnership, elevating livesof over 2,400 children.
93+Teachers impacted throughprofessional developmenttrainings
12,000+Books provided across20 libraries
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44 ZEE ENTERTAINMENT ENTERPRISES LIMITED
CORPORATE
INFORMATION
BOARD OF DIRECTORS
DR. SUBHASH CHANDRA
Non Executive Chairman
SUBODH KUMAR
Executive Vice Chairman
ASHOK KURIEN
Non Executive Director
LORD GULAM K. NOON
Independent Director
PROF. R. VAIDYANATHAN
Independent Director
PROF. SUNIL SHARMA
Independent Director
PROF. (MRS.) NEHARIKA VOHRA
Independent Director
PUNIT GOENKA
Managing Director & CEO
SENIOR MANAGEMENT
PUNIT GOENKA
Managing Director & CEO
AMITABH KUMAR
Technology
ARUN KAPOOR
Affiliate Revenue
ASHISH SEHGAL
Advertisement Revenue
ATUL DAS
Corporate Development
BHARAT RANGA
Content
DEBASHISH GHOSH
Digital
DEEPAK JAIN
International Business - Africa
K. JAYARAMAN
Distribution
M. LAKSHMINARAYANAN
Legal & Secretarial
MIHIR MODI
Finance & StrategyMUKUND CAIRAE
International Business MENA & Pakistan
NEERAJ DHINGRA
International Business - UK
RAJENDRA MEHTA
Human Resources
RAJESH SETHI
Sports
ROLAND LANDERS
Corporate Brand
ROMIL RAMGARHIA
Commercial
SAMEER TARGE
International Business USA
SHARADA SUNDER
Regional HSM
SUNITA UCHIL
International Advt. Sales and Syndication
SUSHRUTA SAMANTA
International Business APAC
AUDITORS
M/S MGB & CO.
COMPANY SECRETARY
M. LAKSHMINARAYANAN
BANKERS
BNP Paribas
Deutsche Bank
ING Vysya Bank Ltd.
Standard Chartered Bank
Yes Bank Ltd.
REGISTERED OFFICE
Continental Building,
135, Dr. A. B. Road, Worli,
Mumbai - 400 018.
Maharashtra, India.
www.zeetelevision.com
/ZEECorporate
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STATUTORY REPORTS
46 Notice
54 Directors Report
62 Annexure to Directors Report
66 Report on Corporate Governance
86 Management Discussion and Analysis
100 Business Responsibility Report
FINANCIAL STATEMENTS
STANDALONE
110 Certification on Financial Statem
111 Independent Auditors Report
114 Balance Sheet
115 Statement of Profit and Loss
116 Cash Flow Statement
118 Notes
139 Last Five Years Financial Highlig
140 Performance Ratios - An Analys
CONSOLIDATED
141 Independent Auditors Report
142 Balance Sheet
143 Statement of Profit and Loss
144 Cash Flow Statement
146 Notes
167 Financial Highlights of Subsidia
Attendance Slip & Proxy Form
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46 ZEE ENTERTAINMENT ENTERPRISES LIMITED
NOTICE
Noticeis hereby given that the Thirty Second Annual General Meeting of the Equity Shareholdersof Zee Entertainment Enterprises Limited will be held at Nehru Auditorium, Nehru Centre, Dr.
Annie Besant Road, Worli, Mumbai 400 018 on Friday, the 18th day of July 2014, at 11.00 a.m.,to transact the following business:
ORDINARY BUSINESS:
1. To receive, consider and adopt the audited Financial Statements of the Company - on astandalone and consolidated basis, for the financial year ended 31 March, 2014 includingthe Balance Sheet as at 31 March, 2014, the Statement of Profit & Loss for the financial yearended on that date, and the Reports of the Auditors and Directors thereon.
2. To confirm the pro-rata Dividend paid on the Preference Shares of the Company for thefinancial year ended 31 March, 2014.
3. To declare Dividend of `2 per Equity share for the financial year ended 31 March, 2014.4. To appoint a Director in place of Dr Subhash Chandra (DIN 00031458), who retires by rotation,
and being eligible, offers himself for reappointment.
5. To re-appoint M/s MGB & Co., Chartered Accountants, Mumbai, having Firm Registration No.101169W, as the Statutory Auditors of the Company to hold such office from the conclusionof this meeting until the conclusion of the next Annual General Meeting at remuneration to bedetermined by the Board of Directors of the Company.
SPECIAL BUSINESS:
6. To consider and if thought fit, to pass with or without modification(s), the followingresolution as an Ordinary Resolution.
RESOLVEDthat pursuant to Section 149, 152 and other applicable provisions of CompaniesAct 2013 (Act) and the rules made there under read with Schedule IV of the Act, Prof SunilSharma (DIN 06781655) who was appointed as an Additional Director of the Company bythe Board of Directors with effect from 22 January, 2014 and who holds office up to the
date of this Annual General Meeting in terms of Section 161 (1) of the Act and in respect ofwhom the Company has received a notice in writing from a member under Section 160 ofthe Act proposing his candidature for the office of Director, be and is hereby appointed asan Independent Director of the Company not liable to retire by rotation for the period up to21 January, 2017.
7. To consider and if thought fit, to pass with or without modification(s), the followingresolution as an Ordinary Resolution.
RESOLVEDthat pursuant to Section 149, 152 and other applicable provisions of CompaniesAct 2013 (Act) and the rules made there under read with Schedule IV of the Act, Prof (Mrs)Neharika Vohra (DIN 06808439) who was appointed as an Additional Director of the Companyby the Board of Directors with effect from 12 March, 2014 and who holds office up to thedate of this Annual General Meeting in terms of Section 161 (1) of the Act and in respect ofwhom the Company has received a notice in writing from a member under Section 160 ofthe Act proposing her candidature for the office of Director, be and is hereby appointed asan Independent Director of the Company not liable to retire by rotation for the period up to11 March, 2017.
8. To consider and if thought fit, to pass with or without modification(s), the followingresolution as an Ordinary Resolution.
RESOLVED that, pursuant to the provisions of Section 149 of the Companies Act, 2013(Act) and the rules made there under, Mr Subodh Kumar, IAS (Retd) (DIN 02151793), whowas appointed as an Additional Director of the Company by the Board of Directors with effectfrom 22 January, 2014 and who holds office up to the date of this Annual General Meeting interms of Section 161(1) of the Act and in respect of whom the Company has received a noticein writing from a member under Section 160 of the Act proposing his candidature for the officeof Director, be and is appointed as Director of the Company, liable to retire by rotation.
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9. To consider and if thought fit, to pass with or without modification(s), the followingresolution as an Ordinary Resolution.
RESOLVEDthat pursuant to Section 196, 203 and other applicable provisions of CompaAct, 2013 (including corresponding provisions, if any of the Companies Act, 1956) andCompanies (Appointment and Remuneration of Managerial Personnel) Rules 2014, Company hereby accords its approval for appointment of Mr Subodh Kumar (DIN 02151as a Whole-Time Director designated as Executive Vice Chairman of the Company fperiod of 3 years with effect from 1 February, 2014, on such terms and at such remuneraas set out in the explanatory statement annexed to this Notice.
RESOLVED FURTHER that
a) the aggregate of salary, perquisites and allowances of Mr Subodh Kumar, Executive Chairman of the Company in any one financial year shall not exceed the limits prescriunder Section 197 read with Schedule V of the Companies Act, 2013 (including applicrules, if any) as amended from time to time;
b) in the event of loss or inadequacy of profit in any financial year during the currency of teof services of Mr Subodh Kumar, Executive Vice Chairman, the payment of salary, perquisand other allowances shall be governed by the limits prescribed under Section II of Part Schedule V of the Companies Act, 2013; and
c) the Board (including any Board Committee exercising powers conferred by this resolube and is hereby authorised, in its absolute discretion and from time to time, to fix, withinrange of remuneration detailed in the explanatory statement, the salary and other allowancentitlements including performance bonus / incentive, if any, of Mr Subodh Kumar.
10. To consider and if thought fit, to pass with or without modification(s), the followingresolution as an Ordinary Resolution.
RESOLVEDthat pursuant to Section 149, 152 and other applicable provisions of CompaAct, 2013 read with Companies (Appointment and Qualification of Directors) Rules, 2Lord Gulam Noon (DIN 00391683), Independent Director of the Company who was ea
appointed as a Director retiring by rotation and therefore retires by rotation at this AnGeneral Meeting, be and is hereby appointed as Independent Director of the Company,liable to retire by rotation for a period up to 31 March, 2017.
The Register of Members and Share Transfer Books of the Equity Shareholders of the Comp
will remain closed from Saturday 12 July, 2014 to Friday, 18 July, 2014 (both days inclusive). S
Transfers received in order at the Registered Office of the Company or at the office of the Regi
of the Company, by 5.30 p.m. on 11 July, 2014, will be processed for payment of equity divid
if declared, to the transferees or their mandatees.
Equity Dividend, if approved by Members at the ensuing Annual General Meeting, wil
paid on 23 July, 2014, to all those equity shareholders whose name appear in the Registe
Members of the Company, after giving effect to all valid share transfers in physical form lod
with the Company or its Registrar on or before 11 July, 2014 and in the list of beneficial ow
furnished by National Securities Depository Limited and/or Central Depository Services (In
Limited, in respect of shares held in electronic form, as at the end of the business day
11 July, 2014.
By Order of the Bo
M LakshminarayaChief Compliance Officer & Company Secre
Place :MumbaiDate :21 May, 2014
Registered Office:Continental Building, 135, Dr Annie Besant Road, Worli, Mumbai 400 018CIN: L92132MH1982PLC028767Email:shareservice@zee.esselgroup.com
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48 ZEE ENTERTAINMENT ENTERPRISES LIMITED
NOTES:
1. A member entitled to attend and vote at the meeting may appoint a proxy to attend and vote
on a poll on his behalf. A proxy need not be a member of the Company. A person can act as
proxy on behalf of not exceeding fifty Members and holding in the aggregate not more than
10% of the total Equity Share Capital of the Company. Any Member holding more than 10%
of the total Equity share capital of the Company may appoint a single person as proxy and
in such a case, the said person shall not act as proxy for any other person or member. The
instrument appointing proxy should, however, be deposited at the Registered Office of the
Company not less than 48 hours before the commencement of the Meeting.
2. Explanatory Statement pursuant to Section 102 of the Companies Act, 2013, relating to the
Special Business to be transacted at the Annual General Meeting is annexed.
3. Corporate Members are requested to send to the Registered Office of the Company, a dulycertified copy of the Board Resolution, pursuant to Section 113 of the Companies Act, 2013,
authorising their representative to attend and vote at the Annual General Meeting.
4. Additional information, pursuant to Clause 49 of the Listing Agreement with Stock Exchanges,
on Directors recommended by the Board for appointment / re-appointment at the Annual
General Meeting forms part of the Report on Corporate Governance in the Annual Report.
In connection with appointment / re-appointment of Prof Sunil Sharma, Prof (Mrs) Neharika
Vohra and Lord Gulam Noon in terms of Section 149 read with Schedule IV of the Companies
Act, 2013, the Board of Directors have reviewed the declarations made by each of them that
they meet the criteria of independence as provided in Section 149(6) of the Companies Act,
2013 and the Board is of opinion that they fulfill the conditions specified in the Act and the
rules made there under and they are independent of the management of the Company.
5. Members who are holding Companys shares in dematerialised form are required to bring
details of their Beneficiary Account Number for identification.
6. Members who wish to obtain information on the Financial Statements for the year ended
31 March, 2014, may send their queries at least seven days before the AGM to the Chief
Compliance Officer & Company Secretary at the registered office of the Company or at Email
ID shareservice@zee.esselgroup.com
7. Equity Dividend for the financial year ended 31 March, 2007, declared by the Company
& erstwhile ETC Networks Ltd (now merged with the Company) which remains unpaid or
unclaimed, will be due for transfer to the Investor Education and Protection Fund of the Central
Government (IEPF) in October 2014 & August 2014 respectively.
Members, who have not encashed their dividend warrants, issued by the Company and/or
ETC Networks Ltd, for the financial year ended 31 March, 2007, or any subsequent financial
years, are requested to lodge their claims with the Companys Registrar and Share Transfer
Agent. Members are advised that in terms of provisions of Section 125 of the Companies
Act, 2013, the person whose unclaimed dividend is transferred to IEPF shall be entitled to
get refund out of the fund in accordance with rules made under Section 125 of CompaniesAct, 2013.
8. Electronic Copy of the Annual Report for 2013-14 is being sent to all the members
whose email IDs are registered with the Company/Depository Participants(s)
for communication. For members who have not registered their email address,
physical copies of the Annual Report for 2014 is being sent in permitted mode.
The Annual Report may also be accessed in the Companys Corporate Website
www.zeetelevision.com.
9. Members are requested to notify immediately about any change in their address / e-mail
address /dividend mandate / bank details to their Depository Participant (DP) in respect of their
shareholding in Demat mode and in respect of their physical shareholding to the Companys
NOTICE
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Registrar and Share Transfer Agent, M/s Sharepro Services (India) Pvt. Ltd., at 13AB, Sam
Warehousing Complex, Second Floor, Sakinaka Telephone Exchange Lane, Off Andheri K
Road, Sakinaka, Andheri (East), Mumbai-400 072 and/or at 912, Raheja Centre, Free P
Journal Road, Nariman Point, Mumbai-400 021. Shareholders holding Equity Shares of
Company in physical form may register their email address with the Registrar and S
Transfer agent of the Company to receive all communications by the Company inclu
Annual Report and Notice of Meeting(s) by email, by sending appropriate communication
sharepro@shareproservices.com.
10. E-voting
In compliance with Section 108 of the Companies Act, 2013 and Companies (Management
Administration) Rules, 2014, the Company is pleased to provide members facility to exe
their right to vote at the 32nd Annual General Meeting (AGM) by electronic means and all
business may be transacted through e-Voting Services provided by Central Depository Serv(India) Limited (CDSL).
The E-voting period for all items of business contained in this Notice shall commence f
Saturday the 12 July, 2014 at 9.00 a.m. and will end on Monday, the 14 July, 2014 at 6
p.m. During this period equity shareholders of the Company holding shares either in phy
form or in dematerialised form as on the cutoff date of 20 June, 2014, may cast their v
electronically. The e-voting module shall be disabled by CDSL for voting there after. O
the vote on a resolution is cast by any Member, he/she shall not be allowed to chang
subsequently.
The voting rights of Members shall be in proportion to their equity shareholding in the paid
equity share capital of the Company as on 20 June, 2014.
11. The Company shall appoint an Independent Professional as Scrutiniser to conduct
E-voting in a fair and transparent manner. The Scrutiniser shall within a period of not excee
3 working days from the conclusion of voting period, shall unblock the votes in presenctwo witness, who are not in employment of the Company and after scrutinising such vo
received shall make a Scrutinisers report of the votes cast in favor or against or invalid vote
connection with the resolution(s) mentioned in the Notice of the Meeting and submit the s
forthwith to the Chairman of the Company.
12. The Results of E-voting shall be declared at the AGM of the Company and the results a
with Scrutinisers report shall be placed on the website of the Company thereafter and
also be communicated to the Stock Exchanges. The Resolutions shall be deemed to
passed, if approved, on the date of AGM.
13. The instructions and process for e-voting are as under:
Open your web browser during the voting period and log on to the e-voting web
www.evotingindia.com
Now click on Shareholders tab to cast your votes
Now, select the Electronic Voting Sequence Number (EVSN) along with Zee EntertainmEnterprises Limited from the drop down menu and click on SUBMIT
Now Enter your User ID (For CDSL: 16 digits beneficiary ID, For NSDL: 8 Chara
DP ID followed by 8 Digits Client ID, Members holding shares in Physical Form sho
enter Folio Number registered with the Company and then enter the Captcha Code
displayed and Click on Login.
If you are holding shares in Demat form and had logged on to www.evotingindia.com
casted your vote earlier for EVSN of any company, then your existing password is t
used. If you are a first time user follow the steps given below.
Now, fill up the following details in the appropriate boxes:
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50 ZEE ENTERTAINMENT ENTERPRISES LIMITED
PAN*
Enter your 10 digit alpha-numeric *PAN issued by Income Tax
Department (in Capital) (Applicable for both demat shareholders as
well as physical shareholders)
DOB#
Enter the Date of Birth as recorded in your demat account or in the
Company records for the said demat account or folio in dd/mm/
yyyy format.
Dividend Bank Details#Enter the Dividend Bank Details as recorded in your demat account
or in the Company records for the said demat account or folio.
* Members who have not updated their PAN with the Company/Depository Participant are
requested to use the first two letters of their name and the sequence number in the PAN field.
Incase the sequence number is less than 8 digits enter the applicable number of 0s before
the number after the first two characters of the name. Eg. If your name Manish Kumar with
sequence number 1 then enter MA00000001 in the PAN
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